Latest news with #VWFS
Scottish Sun
01-07-2025
- Automotive
- Scottish Sun
Used car selling giant with 91,000 motors saved from closure after ‘heavy losses' and staff being axed
A BRITISH car selling giant with a stock of 91,000 motors has been saved from closure. Despite suffering 'heavy losses' and axing huge numbers of its staff, the firm will remain 'fully operational'. 3 A major online car dealer has been saved after major job cuts Credit: Alamy 3 Heycar has been thrown a lifeline Credit: Heycar 3 Volkswagen Financial Services will be incorporating the used car dealer Credit: Getty Volkswagen Financial Services (VWFS) initially planned to axe failing firm Heycar, after it made huge losses over several years. The used car advertising platform first launched in 2019 but lost over £30 million in 2022. Just a year later, the online advertiser lost £22.4 million as its revenue continued to dwindle. Its parent company Mobility Trader went into liquidation as a result, but Heycar has been thrown a lifeline by its majority shareholder VWFS. The German brand has confirmed its plans to integrate the advertiser into its own company, after acquiring ' certain businesses and assets' belonging to Heycar. Heycar's remaining staff - who were not axed in cost-cutting missions - will be incorporated into Volkswagen's own teams. A spokesperson for VWFS said: 'While Heycar UK's parent company, Mobility Trader, has entered liquidation, the Heycar platform itself remains fully operational. 'VWFS UK has acquired certain business and assets of the Heycar UK business, ensuring the platform's continuity for users. "This acquisition underscores VWFS UK's commitment to revolutionise the way customers purchase used vehicles online. 'Following the now completed acquisition, VWFS UK is continuing the process of onboarding the Heycar UK employees.' Inside the Volkswagen ID VWFS owns a huge portion of the company, with a staggering 78 per cent stake in the business. The German-car manufacturer Volkswagen owns 13 per cent, with Renault having the next largest share at nine per cent. Heycar made headlines after its launch in 2019, when it went on a spending spree which saw it snapping up fellow online firms. Honest John was bought out of administration in 2020 by Heycar, along with several other sites. It also took over RAC Cars in a bid to relaunch the car advertising platform. The news comes as stakeholders scramble to rescue the iconic car brand Lotus's UK plant. The Chinese-owned car maker is reportedly planning to close the factory, amid Donald Trump's global tariff war. Labour's Business Secretary Jonathan Reynolds was set to hold a meeting focused on saving the plant, but Lotus has denied claims that it is planning to close down the plant. A spokesperson added: 'We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market. 'The UK is the heart of the Lotus brand — home to our sports car manufacturing, global design centre, motorsport operations, and Lotus Engineering. It is also our largest commercial market in Europe. 'We have invested significantly in R&D and operations in the UK, over the past six years. "Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage.'
The Irish Sun
01-07-2025
- Automotive
- The Irish Sun
Used car selling giant with 91,000 motors saved from closure after ‘heavy losses' and staff being axed
A BRITISH car selling giant with a stock of 91,000 motors has been saved from closure. Despite suffering 'heavy losses' and 3 A major online car dealer has been saved after major job cuts Credit: Alamy 3 Heycar has been thrown a lifeline Credit: Heycar 3 Volkswagen Financial Services will be incorporating the used car dealer Credit: Getty The used car advertising platform first launched in 2019 but lost over £30 million in 2022. Just a year later, the online advertiser lost £22.4 million as its revenue continued to dwindle. Its parent company Mobility Trader went into liquidation as a result, but Heycar has been thrown a lifeline by its majority shareholder VWFS. Read More on motors The German brand has confirmed its plans to integrate the advertiser into its own company, after acquiring ' certain businesses and assets' belonging to Heycar. Heycar's remaining staff - who were not axed in cost-cutting missions - will be incorporated into A spokesperson for VWFS said: 'While Heycar UK's parent company, Mobility Trader, has entered liquidation, the Heycar platform itself remains fully operational. 'VWFS UK has acquired certain business and assets of the Heycar UK business, ensuring the platform's continuity for users. Most read in Motors "This acquisition underscores VWFS UK's commitment to revolutionise the way customers purchase used vehicles online. 'Following the now completed acquisition, VWFS UK is continuing the process of onboarding the Heycar UK employees.' Inside the Volkswagen ID VWFS owns a huge portion of the company, with a staggering 78 per cent stake in the business. The German-car manufacturer Heycar made headlines after its launch in 2019, when it went on a spending spree which saw it snapping up fellow online firms. Honest John was bought out of administration in 2020 by Heycar, along with several other sites. It also took over The news comes as stakeholders scramble to rescue the The Chinese-owned car maker is reportedly planning to close the factory, amid Donald Trump's global tariff war. Labour's Business Secretary Jonathan Reynolds was set to hold a meeting focused on saving the plant, but Lotus has denied claims that it is planning to close down the plant. A spokesperson added: 'We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market. 'The UK is the heart of the Lotus brand — home to our sports car manufacturing, global design centre, motorsport operations, and Lotus Engineering. It is also our largest commercial market in Europe. 'We have invested significantly in R&D and operations in the UK, over the past six years. "Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage.'
The Sun
01-07-2025
- Automotive
- The Sun
Used car selling giant with 91,000 motors saved from closure after ‘heavy losses' and staff being axed
A BRITISH car selling giant with a stock of 91,000 motors has been saved from closure. Despite suffering 'heavy losses' and axing huge numbers of its staff, the firm will remain 'fully operational'. 3 3 3 Volkswagen Financial Services (VWFS) initially planned to axe failing firm Heycar, after it made huge losses over several years. The used car advertising platform first launched in 2019 but lost over £30 million in 2022. Just a year later, the online advertiser lost £22.4 million as its revenue continued to dwindle. Its parent company Mobility Trader went into liquidation as a result, but Heycar has been thrown a lifeline by its majority shareholder VWFS. The German brand has confirmed its plans to integrate the advertiser into its own company, after acquiring ' certain businesses and assets' belonging to Heycar. Heycar's remaining staff - who were not axed in cost-cutting missions - will be incorporated into Volkswagen's own teams. A spokesperson for VWFS said: 'While Heycar UK's parent company, Mobility Trader, has entered liquidation, the Heycar platform itself remains fully operational. 'VWFS UK has acquired certain business and assets of the Heycar UK business, ensuring the platform's continuity for users. "This acquisition underscores VWFS UK's commitment to revolutionise the way customers purchase used vehicles online. 'Following the now completed acquisition, VWFS UK is continuing the process of onboarding the Heycar UK employees.' VWFS owns a huge portion of the company, with a staggering 78 per cent stake in the business. The German-car manufacturer Volkswagen owns 13 per cent, with Renault having the next largest share at nine per cent. Heycar made headlines after its launch in 2019, when it went on a spending spree which saw it snapping up fellow online firms. Honest John was bought out of administration in 2020 by Heycar, along with several other sites. It also took over RAC Cars in a bid to relaunch the car advertising platform. The news comes as stakeholders scramble to rescue the iconic car brand Lotus's UK plant. The Chinese-owned car maker is reportedly planning to close the factory, amid Donald Trump's global tariff war. Labour's Business Secretary Jonathan Reynolds was set to hold a meeting focused on saving the plant, but Lotus has denied claims that it is planning to close down the plant. A spokesperson added: 'We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market. 'The UK is the heart of the Lotus brand — home to our sports car manufacturing, global design centre, motorsport operations, and Lotus Engineering. It is also our largest commercial market in Europe. 'We have invested significantly in R&D and operations in the UK, over the past six years. "Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage.'
Scotsman
23-05-2025
- Automotive
- Scotsman
Top tips for a hassle-free bank holiday road trip
Is it the traffic? The last-minute packing frenzy? Or maybe the sinking realisation that your tyres look a little… flat? Whatever it is, bank holiday road trips are meant to be fun—not a chaotic test of stress levels. The good news? A hassle-free road trip is possible. Volkswagen Financial Services (VWFS) UK has shared some expert tips to help ensure your bank holiday drive is smooth, safe, and packed with fun. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Start with a pre-trip check-up Your car is about to become your home on wheels for the weekend. Treat it like one. Before you set off, take 10–15 minutes to check the basics. Tyre pressure and tread User (UGC) Submitted Under- or over-inflated tyres can compromise your car's performance and safety. Use a pressure gauge to adjust them according to your manufacturer's recommendations. Also, check the tread depth. Legally, your tyres need at least 1.6mm, but for safety, aim for at least 3mm. Advertisement Hide Ad Advertisement Hide Ad Oil levels Without enough engine oil, even the shortest trips can lead to overheating or breakdowns. Use your car's dipstick to check the oil level and top it up if needed. Lights and wipers Don't forget to test your headlights, brake lights, and indicators, as well as your windscreen wipers and washer fluid. Wet weather (synonymous with a British summer) and poorly lit roads can cause serious issues if these aren't functioning properly. Plan your route and stops Bank holiday weekends tend to bring heavier traffic, so a bit of route pre-planning can spare you some headaches. If your vehicle doesn't have a built-in navigation system, navigation apps like Google Maps, Waze, or Apple Maps can give you real-time traffic updates and recommend alternative routes if you hit unexpected delays. Advertisement Hide Ad Advertisement Hide Ad If you're in a battery electric vehicle (BEV), knowing where charging stations are along your route is essential. Apps like Zapmap or A Better Route Planner can help you pinpoint charge points ahead of time. Align your charging stops with meal breaks to make the most of your downtime. Longer term, a vehicle service plan can ensure your car is well-maintained and road-trip ready, giving you one less thing to worry about. With fixed costs and expert care, these plans help prevent unexpected issues and expenses, so you can focus on enjoying your bank holiday adventure. Take regular breaks Even the best routes can feel tedious after a few hours behind the wheel. Long stretches of driving lead to fatigue, which poses serious safety risks. Take at least a 15-minute break every two hours of driving. Use the stops to stretch your legs, grab a coffee, or refresh with a quick walk. James Taylor, Head of Product (Non-Asset Based) at Volkswagen Financial Services UK comments: "Preparation is key to enjoying a safe and stress-free road trip. Ensuring your car is well-maintained not only reduces the risk of unexpected issues but also makes the journey smoother and more enjoyable. Regular servicing provides the confidence that your vehicle is ready for the road, allowing you to focus on creating memorable experiences with your loved ones rather than worrying about potential setbacks. Advertisement Hide Ad Advertisement Hide Ad 'With long weekends just around the corner, many families are gearing up for their next adventure. Whether you're heading to the seaside, visiting relatives, or exploring the countryside, careful planning can make the difference between a great getaway and a travel nightmare.'
Scottish Sun
19-05-2025
- Automotive
- Scottish Sun
Huge blow as drivers' go-to retailer with 400 branches to shut site in weeks
Check below to see why so many car dealerships are closing DOWN AND OUT Huge blow as drivers' go-to retailer with 400 branches to shut site in weeks DRIVERS are facing a major blow as a popular retailer with 400 branches is set to close one of its sites in just a few weeks. Halfords confirmed it will pull down the shutters on its Tweedmouth garage for good on June 5. Advertisement 1 Halfords confirmed that its branch in Tweedmouth will shut for good on June 5 Credit: Getty Motorists will now have to drive around 45 minutes to reach their nearest branch in Haddington. Halfords sent their Club Members emails informing them of the closure. "Your McConechys Tweedmouth garage is moving. We're still here for everything you need," they said. The major retailer added: "Our team is ready to welcome you to your local Haddington garage offering the same trusted services and expert care." Advertisement Customers have taken to social media to vent their sadness about the closure. In a Facebook post, this user wrote: "Wow this is where I got my car serviced and MOTed, I must say they've provided excellent service to me in the town, and I am a Halfords Club Member, and Haddington will be a bit too far to travel to for the same trusted service and expert care." "Just had an email to say Halfords are closing, hope all the staff get reemployed soon," another added. While a third commented: "That's a real shame. I use the store regularly." Advertisement The news comes as the motoring industry faces wider challenges, such as the imminent closure of a huge car dealership with over 91,000 vehicles currently on sale — putting over 100 jobs at risk. 'FACING THE RISK' The German online used car marketplace Heycar has suffered heavy losses since its launch in the UK in 2019, when it set out to rival Auto Trader and Motors. Now, its majority shareholder, Volkswagen Financial Services (VWFS), has decided to pull the plug, leaving more than 126 employees across the UK, Germany, and France facing the risk of losing their jobs. A large proportion of Heycar's employees are based in the UK, and the company is expected to wind down its UK operations shortly after its closure in Germany, which is expected in mid-May. Advertisement A VWFS spokesperson confirmed, 'We expect we will have to let go of a large portion of Heycar's employees.' Despite the closure, VWFS is planning to carry forward Heycar's innovations. In a statement, VWFS UK said: 'Volkswagen Financial Services (VWFS) UK is pleased to announce the launch of a new subsidiary that will integrate the technology and expertise developed by Heycar. 'Heycar has been a pioneer in the online used car marketplace and, despite the decision to wind down their operations, the valuable insights and digital solutions developed so far will play a crucial role in the future of VWFS UK, as we continue to explore new ways to drive growth and innovation in the automotive e-commerce space. Advertisement 'We are anticipating that specialists and resources from Heycar will be joining the new subsidiary, ensuring we have the necessary knowledge and skills to effectively utilise and develop the technology we're acquiring.' Volkswagen Financial Services was the company's largest shareholder, holding a 78 percent stake, followed by Volkswagen at 13 percent and Renault at 9 percent.
